AN elderly man lost RM659,000 after falling victim to a bogus online investment scheme promoted through WhatsApp, police confirmed on Sunday.
Brickfields District Police Chief Assistant Commissioner Hoo Chang Hook said the victim’s phone number had been added to an investment-related WhatsApp group on 12 September, where he was later approached with an offer to participate in an “off-market” investment.
“The victim, deceived by the promise of high returns, made eight transactions into two separate bank accounts between 7 and 29 October, amounting to RM659,000,” Hoo said.
The case is being investigated under Sections 420 and 424 of the Penal Code for cheating and dishonest concealment of property.
Hoo urged the public to remain vigilant against online investment offers that promise quick and high profits, especially those circulated through social media, messaging apps or unverified websites.
“Members of the public should be cautious of investment offers on social media or messaging platforms that do not have valid licences from Bank Negara Malaysia (BNM) or the Securities Commission (SC).
“They must verify the legitimacy of any investment company through BNM’s or SC’s official websites. Do not be easily convinced by testimonials or alleged proof of profits shared online, and never share personal or banking details with unknown parties,” he advised. - November 9, 2025
